BURLINGTON, Vt. (WCAX) – Vermont’s largest solar companies have a new owner after being bought by a Texas-based private equity firm.
Siltstone Capital bought iSun — and its subsidiary SunCommon — for $10 million after it filed for bankruptcy in June. A judge recently approved the deal.
ISun and SunCommon will now operate under a new corporate parent called Original Clean Energy, with Vermont solar pioneer Jeff Wolfe serving as CEO.
Seven Days reports that the companies laid off a combined 150 or so employees from their peak of 350 and that Wolfe plans to refocus on profitability over rapid expansion.